ArtistGrowth, a mobile artist management platform, and Pinnacle Financial Partners have announced a strategic partnership and equity investment designed to broaden the financial services and capital available to touring entertainers.
Details of Pinnacle's investment were not disclosed.
ArtistGrowth launched in 2013 with a $2 million seed investment from industry veterans Joe Gallant and Joe Glaser alongside investors Harry Jacobson and John Curtiss. The company recently announced partnerships with Universal Music Group and major management firms Red Light, Vector and Maverick to integrate the app into their workflow.
ArtistGrowth is currently tracking more than $2.5 billion in tour revenue and $700 million in tour expenses
To add to its current services, ArtistGrowth sought a strategic partner that could make both a financial investment in its future and expand the capabilities of the platform. For Pinnacle, the partnership is about platform integrations enabling new services and using date to drive financial decisions.
“The industry has changed, and Matt is way ahead of the curve with Artist Growth,” said Andy Moats, Pinnacle’s director of music, entertainment and sports. “As touring has taken over and become one of the biggest money makers for all involved, the systems for managing it haven’t kept up. Artist Growth has figured out a way to put more power and control into the hands of the artists and the teams who support them. We are ready to help them unlock the further potential in their platform to better serve those on tour and those who finance it.”
“We couldn’t be more excited about our partnership with Pinnacle,” said Matt Urmy, Artist Growth founder and chief strategy officer. “Their music, entertainment and sports team has demonstrated a commitment to providing real support to working artists and built an internal culture around that mission. This is in lock-step with who we are at Artist Growth. We can do so much together to help artists unlock the capital they need to focus on their art.”
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